Golub Renews Playboy HQs Lease

GOLUB RENEWS PLAYBOY HQs LEASE OF 95,000 SQ.FT. AT LAKE SHORE PLACE


Chicago, IL (August 23, 2006) – Chicago-based Golub & Company has signed a long-term renewal lease with Playboy Enterprises, Inc. for 95,000 square feet at Lake Shore Place, 680 North Lake Shore Drive, Chicago, said Michael Newman, president of Golub & Company. Playboy has maintained its corporate headquarters in Lake Shore Place since 1989 and will continue to occupy the entire 16th floor penthouse space and the 15th floor of the mixed-use building.
 
“This is a world-class property in a world-class city,” said Christie Hefner, chairman and chief executive officer, Playboy Enterprises, Inc. “We looked at other attractive alternatives, but ultimately the convenience, amenities and visibility of this space drove our decision to keep our headquarters at Lake Shore Place.”

The gallery-like design of Playboy’s two-story offices enables the company to display its renowned collection of fine art and commercial illustrations, said Newman. Skylights added when Playboy took occupancy bring natural light deep into the dramatic space.

“Playboy has helped to establish Lake Shore Place as a Class A office location for tenants in many service industries,” said Golub & Company executive vice president Lee Golub, who, along senior vice president John Ferguson and Newman, negotiated the lease on Golub’s behalf. “It’s been an honor to work with Christie Hefner and the Playboy staff for so many years, and we look forward to many more years as landlord to one of the world’s best-known brands.”

Lake Shore Place occupies a full block bounded by Lake Shore Drive, Erie Street, McClurg Court and Huron Street. The building is also home to Northwestern Medical Faculty Foundation, numerous medical practitioners, Northwestern University’s medical school administrative offices, Marshall Associates, Hollywood Video, Parkway Pharmacy, Streeterville Ace Hardware, and Treasure Island Foods.

Constructed in 1923 as the American Furniture Mart, Lake Shore Place was extensively renovated in 1981 and 1989, when it was converted from a single-use facility to a thriving mixed-use environment. Golub & Company acquired the building’s 426,000 square feet of office space, 60,000 square feet of retail space, and 331-space indoor public garage in 1989. The balance of the 2.2 million-square-foot building consists of luxury condominium residences.

Currently available in Lake Shore Place are office spaces ranging from 800 to 32,000 square feet. The retail space is fully occupied.

U.S. Equities represented Playboy Enterprises in lease negotiations.
Chicago-based Golub & Company (www.golubandcompany.com) and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Overall, since its founding more than 45 years ago, the company has owned, leased or managed more than 30 million square feet of commercial and multifamily real estate properties. Golub & Company’s other investments in the Streeterville area include the commercial components of the mixed-use Lake Shore Place at 680 North Lake Shore Drive; and The Streeter, a luxury apartment tower nearing completion at 345 East Ohio Street. Other Golub properties in Chicago include 625 North Michigan Avenue, 225 West Washington, 33 North LaSalle and 19 South LaSalle.

Playboy Enterprises, Inc. (NYSE: PLA, PLA.A) is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates Playboy and Spice television networks, and distributes programming via home video and DVD globally; licenses the Playboy and Spice trademarks internationally for a range of consumer products; and operates Playboy.com, a leading men's lifestyle and entertainment Web destination. The company's three business groups are Publishing, Entertainment and Licensing.